German venture builder Rocket Internet has announced its financial results for the first half of 2018, showing a consolidated profit of €297 million across its properties. The company reported to have accumulated €2.1 billion in the bank as of August 31, 2018.
According to Rocket Internet's report, most of its companies—HelloFresh, Global Fashion Group, Jumia, Westwing, and home24—have shown growth in sales and revenues.
With a significant amount of money in the bank and “no significant financial debt,” Rocket Internet also decided to start a share buy-back program of up to €150 million or 5.5 million shares. The program starts today and will last up to a year.
“We use our strong cash position also to further repurchase own shares,” said Oliver Samwer, CEO of Rocket Internet. “The share buy-back program underlines our aim to allocate capital most efficiently and to redeploy recent cash proceeds.”